Picton Mahoney Asset Management acquired a new stake in Cognex Co. (NASDAQ:CGNX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,700 shares of the scientific and technical instruments company’s stock, valued at approximately $932,000.
Other institutional investors have also made changes to their positions in the company. Swiss National Bank lifted its position in shares of Cognex by 3.5% in the second quarter. Swiss National Bank now owns 572,900 shares of the scientific and technical instruments company’s stock valued at $25,557,000 after acquiring an additional 19,400 shares in the last quarter. Joho Capital LLC lifted its position in shares of Cognex by 24.1% in the second quarter. Joho Capital LLC now owns 3,069,024 shares of the scientific and technical instruments company’s stock valued at $136,909,000 after acquiring an additional 595,358 shares in the last quarter. ING Groep NV purchased a new position in shares of Cognex in the second quarter valued at about $459,000. Fox Run Management L.L.C. purchased a new position in shares of Cognex in the third quarter valued at about $450,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Cognex in the second quarter valued at about $977,000. Institutional investors and hedge funds own 90.36% of the company’s stock.
Shares of CGNX stock opened at $45.06 on Friday. Cognex Co. has a 12-month low of $36.16 and a 12-month high of $72.99. The stock has a market capitalization of $8.17 billion, a PE ratio of 37.05, a PEG ratio of 2.63 and a beta of 1.90.
Cognex announced that its Board of Directors has authorized a stock buyback program on Monday, October 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to purchase up to 2.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.44%. This is a boost from Cognex’s previous quarterly dividend of $0.05. The ex-dividend date is Thursday, November 15th. Cognex’s payout ratio is 12.41%.
In other Cognex news, Director Anthony Sun sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $56.04, for a total transaction of $560,400.00. Following the sale, the director now directly owns 264,262 shares of the company’s stock, valued at $14,809,242.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $54.29, for a total value of $271,450.00. Following the sale, the director now directly owns 7,000 shares in the company, valued at $380,030. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.
Several brokerages have recently commented on CGNX. ValuEngine upgraded Cognex from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 31st. BidaskClub downgraded Cognex from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 27th. Needham & Company LLC reduced their target price on Cognex from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, October 30th. Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Finally, Daiwa Capital Markets set a $49.00 target price on Cognex and gave the stock a “buy” rating in a report on Thursday, November 1st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Cognex currently has a consensus rating of “Hold” and a consensus price target of $51.55.
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Cognex Company Profile
Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing and tracking of discrete items, such as mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.
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